Pre-approved!!

What is pre-approval?
 It is a written commitment from the lender (The Mortgage Firm) stating that the borrower (you) qualify for a particular loan amount based on your credit information and income.

Why?
There are many reasons to get pre-approved. The most important reason for accurate idea of how much you can afford. This will ensure that you only look at houses that are truly in your price range. A pre-approval letter is essential in a competitive real estate market. If you make an offer on a house without a pre-approval the seller will not take your offer as seriously as someone who has been pre-approved. This means you could lose out on your dream house.

**Most bank owned homes will require a pre-approval letter 
from the lender before accepting the offer**

How do you get pre-approved?

First contact your lender (me) 

You will need to provide:

• W2 from the past two years
• Your pay stubs for the past 2 months
• Your tax returns for the past 2 years
• Your checking and savings account statements for the past two months
• Your statements for all other assets for the last two month
• Current mortgage statement or contact information for current landlord
• If you are self-employed: you will also nee your business tax returns for the past two years as well as your year-to-date profit and loss statement with a balance sheet
• As your lender I will also need to pull a current credit report for you and the co-borrower.
• If you are divorces, separated, or paying child support or alimony- documentation will be needed

We will analyze your credit report for any red flags, the credit score will affect your ability to qualify for a loan, as well as the rate your can get. A score above 720 will get the most favorable rates. 

What happens if you are denied?

This just means that you have some work to do. Three most common ways:

1. Correct the errors that may have been discovered in your credit report
2. Decrease the debt and improve your debt to income ratio
3. Increase your down payment amount in order to qualify for the price of the home you want

What NOT to do after you have been pre-approved

• Do Not apply for a new credit card
• Do Not make any major purchases
• Do Not pay off all debt
• Do Not co-sign any loans
• Do Not change jobs
• Do Not ignore your lenders requests
• DO keep a paper trail of all deposits
• DO stay current on existing accounts
• Do Discuss seller 

For more information specific to your situation is available, just a phone call away! 

What are the Mortgage Do's & Don't?

The home buying process is no walk through the park. There are many little mistakes or oversights that could be made during the process that can cost you the home of your dreams. Here are a few do's and don't that can help keep you on the right path.

Do...

...disclose all your income and debts. i.e. side business, alimony, child support, additional homes that you may own

...be prepared to provide a great deal of financial documentation

...keep paying your bills

...pay your existing mortgage/rent on time.

...be upfront about your credit. Good, Bad, or otherwise.

Don't...

...quit or change our job

...open any new lines of credit or finance/buy any large purchases i.e.cars, furniture, boat, or RV

...incur overdraft fees

...make ANY cash deposits

...pay off debts or close accounts without speaking to a mortgage professional

...DON'T MOVE!

For more information, give me a call! 

A Little Bit About Suzanne Morton of The Mortgage Firm

 

 

I believe in making ethical common-sense loans that benefit the customer, our real estate partners and our company.  I am here to select the best possible loan program for you and will guide you throughout the loan process.

 Being a mortgage originator is about building relationships, not just conducting a transaction.  My clients over the past 22 years have relied on my accountability and my ability to work effectively in obtaining the financing they desire either for a new home purchase, refinance or investment property.

I am proud to be a part of The Mortgage Firm which has been providing quality real estate financing since in 1995.  I enjoy being a part of a team where our sole focus is providing you the best experience possible and delivering your loan on-time with no surprises. 

I am also active in the Delray Beach Chamber of Commerce, the South Florida Chamber of Commerce, Coastal Conservation Association and The Florida Cattlemen’s Association.

I am always available to my current and future clients and real estate partners through the following contacts:

 Delray Beach office:  DelrayBeachMortgages@gmail.com

1045 E. Atlantic Ave., Ste. 307, Delray Beach, FL  33483   Phone:  561-865-5475

 Boynton Beach office:  yourbestmortgagechoice@gmail.com

240 S. E. 23 Ave., Boynton Beach, FL  33435                        Phone: 561-336-3258

 

Cell Phone:  561-389-5102

 

 

 

 

 

 

 

 

New Housing Relief Plans For FHA Borrowers And Servicemembers

The Obama administration has announced two new steps that will be taken to assist FHA borrowers and servicemembers in a statement released this week.

The administration estimates that 2-3 million FHA borrowers will be eligible.  Plans for FHA borrowers include refinancing at a lower cost and a reduction in the insurance premium.  The FHA currently charges an up-front mortgage insurance premium of 1 percent of the loan balance and an additional 1.15 percent of the balance per year; the up-front premium will be reduced to .01 percent for loans originated prior to June 1, 2009.  Annual fees for refinancing will be reduced to .55 percent.

One provision will have servicemen who were foreclosed upon since 2006 reviewed, and if any are found to have been wrongfully foreclosed upon, they can receive compensation equal to a minimum of lost equity, plus interest.  In addition to foreclosure reviews, servicemembers will be reviewed for interest rates to see if any were charged more than 6 percent after a request to lower the rate.

For veterans, $10 million will go into the Veterans Affairs fund to guarantee loans on favorable terms.

Incorporating Social Media In Your Marketing Efforts

As we welcome in the new year and resolve to continue our successful growth in the South Florida real estate and mortgage market, we have made focusing on social media marketing a priority at my office.

Participating in social media marketing may seem a little overwhelming at first, but it is really quite simple and most services make it very easy to register and begin your marketing immediately.  I concentrate my social media marketing efforts through a few sites that have proven successful from the beginning, those being my company pages on facebook, google+, foursquare, whocanihire, twitter and my blog.   My recommendation is to start with these sites and expand to others over time.

I have found that the key to marketing through social media has been to position myself as THE reliable source for mortgage information to potential and past clients and to the real estate community.  It is important to be relevant, current and open in your postings and communication.  Many social media experts believe you need to subscribe to the 80/20 rule (80 percent of your updates should provide value for your followers and 20 percent can be self-promotional).  In my opinion, if you are providing value, you are promoting.  Please don't be afraid to promote yourself along with the benefits and services you provide, people expect this.

Already in the new year I have received inquiries from other mortgage and real estate professionals asking my advice and how it is working for me.  If you have not begun social marketing, hopefully you will begin soon.  I believe you will find success and a return in your investment in time in a fairly short time.  I am always available to help and answer any questions you may have.  In future posts, I will expand on my social media marketing efforts along with providing information regarding the mortgage industry.  

I am passionate about the mortgage business and love helping families attain home ownership, but in the interest of full disclosure, my husband is a partner in the company Who Can I Hire, Inc. which is the consulting firm that owns whocanihire.com.

A little about whocanihire.com, this is a website that acts as a hub and directory for small business and services to market using social media.  When a business joins the directory, they set up their profile, contact information, social media links, chamber of commerce links, and gallery page.  Plus, the site contains numerous resources for small businesses of which many are free or little cost.

Big Job Change

Hey everyone, sorry for the delay in updating my blog.  As you may be aware there are lot's of things going on in the mortgage industry recently keeping me very busy.  There are many great opportunities for new home purchases and mortgage rates are at historic lows.

I am excited to announce my affiliation with the The Mortgage Firm, which has recently expanded their operations into South Florida. 

Headquartered in Orlando, Florida, The Mortgage Firm has been providing quality real estate financing since 1995. With a proven track record, we serve the lending needs of real estate professionals, builders and individual homebuyers throughout Florida and Georgia.

Our qualified and licensed professionals offer expertise in every area of mortgage lending: Conventional, FHA, VA and USDA.

We have access to a full range of mortgage sources and all of our lending specialists are dedicated to find the right loan with the best rate, terms and cost to meet your unique needs. But that’s just the beginning. Throughout the lending process, our talented staff will provide regular updates and progress reports so you know exactly where you stand, in person or online.

Now more than ever, experienced people and solid financial resources are two of the most important qualities to look for in a lender. With 15 years of success, The Mortgage Firm is a bonded, insured and licensed loan originator that offers both. We are committed to responsible lending and are well capitalized for the regulatory and industry changes to come.

Whether you are dreaming of buying your first home, lowering your existing payments or considering investment properties or home improvements, I can help by offering a variety of mortgage loan programs.  Even if you have had recent credit issues, I can help.  Call me today!